Cryptocurrency

Sally Ho’s Technical Analysis 21 May 2019


Bitcoin

Bitcoin (BTC/USD) appreciated early in today’s Asian session with the pair lifted higher to the 8157.17 level and appearing poised to make a run at establishing a new multi-month high. The pair tested some technical Resistance around the 8139.25 level in yesterday’s North American session, representing the 76.4% retracement of the move from 8315.00 to 7580.31. Stops were elected above the 8138.25 area during the move higher.

Bids also emerged at some important technical levels during yesterday’s European session and later in the North American session. Yesterday’s intraday low was just below the 23.6% retracement of the move from 4967.61 to 8388.00 and then Bids emerged around the 50-bar MA (4-hourly) at 7696.23. Traders are waiting to see if BTC/USD can again clear the 8189.25 area and possibly revisit the recent multi-month high of 8388.00. Chartists note that there is a relative high of 8488.00 from last year and Stops are likely situated above.

Price activity is nearest the 50-bar MA (4-hourly) at 7738.45 and the 50-bar MA (Hourly) at 7913.60.

Technical Support is expected around 7548.79/7204.87/ 6830.99 with Stops expected below.

Technical Resistance is expected around 8488.00/ 8678.17/ 9117.00 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum

Ethereum (ETH/USD) found some buying activity during today’s Asian session after decent upward pressure emerged during yesterday’s North American session that lifted the pair to the 258.47 area, just below the 23.6% retracement of the move from 281.77 to 222.88. During the Asian session, some Bids emerged around the 252.42 area, right around the 50% retracement of the aforementioned range. A decent technical clue emerged during yesterday’s European session when Bids emerged around the 238.88 level, representing the 61.8% retracement of the move from 222.88 to 264.77, and these Bids helped launch the pair to a new daily high later in the trading day.

Technicians are considering where ETH/USD could move from here. If traders are able to absorb the Offers that are thought to be situated above 259.27, they could test the 267.87 area, representing the 76.4% retracement of the move from 281.77 to 222.88. Above this area, the 272.56 level represents the 23.6% retracement of the 894.0080.60 range. The pair must then contend with the 281.77 area as an upside target, representing the recent multi-month high. Chartists also note that the 50-bar MA (hourly) and 100-bar MA (hourly) have crossed at least twice over the past couple of days.

Price activity is nearest the 50-bar MA (4-hourly) at 235.05 and the 50-bar MA (Hourly) at 251.62.

Technical Support is expected around 238.88/ 219.53/ 204.84 with Stops expected below.

Technical Resistance is expected around 272.56/ 281.77/ 289.46 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.



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